In the last few years, the Granby, CO real estate market has exploded. More and more buyers are looking to invest in a new home in Colorado, which is one of the country’s fastest growing states for population, economy, and job market. While the idea of buying a house may leave you feeling a bit overwhelmed, you’re probably more ready to take this step than you think. Here are six signs you’re ready to buy a house in Granby, CO.
You’re Ready to Put Down Roots
When you purchase a home, you’ll be making a long-term commitment to your neighborhood, so it is important that it feels like the right place for you. If you’ve been in Granby and feel happy here, you might be considering the idea of putting down roots and staying for a while. In this case, purchasing a home could be a good idea.
One of the great things about the Granby, CO real estate market is that because the area is such a popular tourist destination, buying a home can still be a great investment, even if you do not plan to live there full-time. It is very easy to find help managing your property while you are living elsewhere, and you can rent the property out to earn some extra income.
You’ve Had Enough of Renting
While renting is a convenient option when you are new to an area or looking for a short-term commitment, it’s not always a great experience. Even if you have a great landlord, it can become quite an undertaking when the property needs to be repaired or an appliance needs to be replaced. You’re also at the mercy of your landlord’s taste or budget when it comes to things like paint colors and flooring material.
Because of the increased demand for housing in the Granby, CO real estate market, it is entirely possible that renting might actually cost you more money than you’d spend on a mortgage payment. Property values in the area are on the rise, which, in turn, drives up what landlords can charge for their rentals. Since you’ll have more freedom and may be saving money, buying a home may be a better option for you.
You’ve Saved Up a Down Payment
One of the biggest reasons people put off buying a home is because they haven’t quite saved up enough money to make a down payment. When you purchase a home, most traditional mortgage lenders will require you to pay 20% of the purchase price to finance the rest. Depending on the area and type of home you’re interested in, this could be quite a lot of money.
However, it is entirely possible that your savings might get you farther than you think. There are other loan programs that require you to pay as little as 3.5% down, which is a great option for a first-time home buyer. While you do have to have a little money set aside, you won’t need the full 20% to put down.
You Have a Decent Credit Score
If you have a good credit score, you will have a much easier time getting financing to purchase a new home. Buyers with good credit scores end up with more favorable terms for their mortgage, including lower interest rates. Even a half-point savings on an interest rate can increase your buying power by tens of thousands of dollars, depending on the price range of your home search.
When you’re ready to start looking for a home, you can meet with a local bank or mortgage broker to discuss your financial position and possibly even get pre-approved for a loan. This can not only help your property search by keeping you focused on only the homes you can afford but being pre-approved can help your offer get accepted by sellers.
You’ve Looked Into the Market
Before you invest in any property, it is important to look at the area’s market. The Granby, CO real estate market is growing, and the forecasts predict continued and sustained growth for the next several years. Knowing there is market growth is reassuring when considering if you can resell your property for a profit years down the line. When purchasing in Granby, you can be sure you’re making a sound investment.
You’re in the Right Season
While any time can be a good time to purchase a home, each real estate market has a hot season when more properties hit the market or conditions are more favorable for buyers. In a tourism-driven area like Granby, buyers tend to find better deals during the off-season between March and November. Aside from purchase price, there are other benefits to planning the time of your purchase. For example, the earlier in the calendar year you purchase your home, the larger your mortgage tax deduction can be.
Looking to Buy Granby, CO Real Estate?
If you’re interested in Granby real estate, Laura Zietz can help you find the perfect property for you. Contact Laura today to start your search for your new home in the Rockies.
